RBI panel on ARCs invites views from market participants, other stakeholders businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
RBI article calls for monitoring movement of funds between banks and ARCs
April 27, 2021
×
Banks not just major shareholders of and lenders to Asset Reconstruction Companies but also sellers of non-performing assets to them
It may be necessary to monitor if there is a circuitous movement of funds between banks and Asset Reconstruction Companies (ARCs), according to an article in the Reserve Bank of India’s latest monthly bulletin.
This observation comes in the backdrop of banks being not just major shareholders of and lenders to ARCs but also sellers of non-performing assets (NPAs) to them, it added.
A movement of this kind can have implications for the genuine sale of NPAs and the overall growth of the ARC industry, said RBI officials Amarnath Yadav and Pallavi Chavan from the Department of Supervision, in the article.
RBI constitutes Committee on functioning of ARCs sierraleonetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sierraleonetimes.com Daily Mail and Mail on Sunday newspapers.
RBI sets up panel to review working of ARCs
Published: Share Tweet
Recipient s Name
Send Earlier this month, the Reserve Bank had announced setting up a committee to undertake a comprehensive review of the working of ARCs.
Representative Image
Mumbai:
The RBI on Monday set up a committee to undertake a comprehensive review of the working of asset reconstruction companies (ARCs) in the financial sector ecosystem and recommend suitable measures for enabling them to meet the growing requirements.
The six-member committee will be headed by Sudarshan Sen, former Executive Director, Reserve Bank of India.
Earlier this month, the Reserve Bank had announced setting up a committee to undertake a comprehensive review of the working of ARCs.
The Reserve Bank of India has formed a six-member panel headed by Sudarshan Sen, former Executive Director, to carry out comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem. The panel will recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector. RBI in a statement said besides Sen other members of panel are Vishakha Mulye, Executive Director, ICICI Bank; P N Prasad, former Dy. Managing Director, SBI; Rohit Prasad, Professor of Economics, MDI, Gurgaon; Abizer Diwanji, Partner, Ernst & Young; and R Anand, Chartered Accountant. The Committee will submit its report within three months from the date of its first meeting. RBI governor Shaktikanta Das had articulated intent to form the panel while announcing monetary policy for 2021-22.